The book is a morality tale. Though Hoenig was roundly criticized as sort of a cranky, failed Old Testament prophet for the three or four years after he resigned from the Fed in 2011, virtually all of the predictions Hoenig made about quantitative easing, and 0 percent interest rates, would come true over the next decade. Income inequality had increased, the Fed's actions had stoked dangerous asset bubbles, social instability had worsened, and the big banks became enriched while the incomes of the poor and middle class had stagnated.